MasterCard recently announced the launch of its Priceless Engine – a new innovative platform for marketing that allows the brand to provide its bank partners with deep insights that will subsequently help them deliver the right offers to their customers at the right time.
Specifically through leveraging its depth of analytics, MasterCard will assist banks – through a four-part process – in understanding consumer sentiment and trends based on social conversations; track engagement and transactions on campaigns to translate these findings into meaningful feedback; create and share content across borders to increase scale; and, finally, analyse data in real time.
Sam Ahmed, senior vice-president and group head of marketing for Asia Pacific at MasterCard, said: “Innovation is crucial to staying relevant in this swiftly evolving digital age, and the MasterCard Priceless Engine will be the cornerstone in the payments ecosystem, connecting issuers, merchants and consumers.
“As MasterCard research shows, the transaction is where social and digital engagement happens, and having the right offers, the right data, the right assets, and the right content at the right time will create a behaviour change with the consumer.”
Ahmed added that with the rapid and exponential growth in social media, “digital marketing can no longer be just about communication or engagement”.
He further noted that with Priceless Engine, MasterCard now possesses the “ability to drive brand differentiation and significant revenue growth for [its] partners”.
To ensure the Priceless Engine has global scale and reach, MasterCard will be working closely with key partners in the social media space, including Facebook, giving consumers in the region unprecedented access to the most relevant offers.
MasterCard also plans to triple its investment in digital marketing in the Asia Pacific region over the next three years, as part of its continued commitment to working with banks and merchants to understand and match consumer needs and wants.